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UAE plans to launch digital currency

UAE plans to launch digital currency.

The central bank of the United Arab Emirates (UAE) is launching a central bank digital currency (CBDC) as one of the nine initiatives of the recently launched Financial Infrastructure Transformation (FIT) program.

In the first phase of the program, a card scheme, CBDC for cross-border and domestic use, as well as an instant payment platform will be introduced.

“These digital payment initiatives will drive financial inclusion, promote payment innovation, security, and efficiency, and achieve a cashless society,” the statement said.

Read more at the link: https://www.coindesk.com/policy/2023/02/13/uae-plans-to-issue-a-cbdc-to-promote-digital-payments/